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Porters Diamond framework - Essay Example
The prosperity of a nation is created but it's not inherited. The success of a company is determined by its innovativeness and upgrading of its infrastructure. Pressure and challenges are some of the factors that dictate whether a company will have a greater competitive advantage over that of its competitors…
The porter diamond factors of competitive advantages of a nation include; the government, factor conditions, port competition, related and supporting industry as well as the demand conditions that should be applied in all organizations so as to have high competitive advantages over their competitors.
However, the framework may not be applied in most organization as it does not incorporate the multinational activities. The introduction of the generalized double diamond model has led to the significant changes within the organization. This framework takes into consideration the multinational activities whereas the porters' original diamond model takes into account the traditional home-based activities. In addition the porter's diamond framework makes an explicit connection between the geographical and the international industries therefore the industries can easily access raw materials for their company and can also market their products where they can get market for their produce.
Companies gain competitive advantages through getting involved in the innovative processes within their organizations. The approaches of innovation involve use of the latest technology and gaining knowledge on how to carry out the activities of an organization effectively. ...